Analysts have been eager to weigh in on the Technology sector with new ratings on Nutanix Inc (NASDAQ: NTNX) and Symantec Corp (NASDAQ: SYMC).
Nutanix Inc (NASDAQ: NTNX)
In a report released today, Ittai Kidron from Oppenheimer maintained a Buy rating on Nutanix Inc (NASDAQ: NTNX), with a price target of $70. The company’s shares closed yesterday at $57.33, close to its 52-week high of $60.
Kidron observed:
“Last week we attended Nutanix’s .NEXT conference and came away with increased confidence in its growth prospects, customer dynamics, and ability to execute on its software transition and product road map. As part of .NEXT we surveyed 25 customers and the results suggest attendees: (1) continue to have a strong positive spending bias for Nutanix (similar in magnitude to last year); (2) are steadily shifting their workloads to HCI; (3) are increasingly running Tier-1 production workloads on Nutanix, and (4) are positive on Nutanix’s product road map and value prop. Most have exposure to long-established vendors (Cisco, Dell-EMC, VMware…), but expect to ramp their use of Nutanix as new workloads are added or hardware refreshes occur. We’re bullish—reiterate Outperform and raising PT to $70 from $65.”
According to TipRanks.com, Kidron is a top 100 analyst with an average return of 22.7% and a 66.5% success rate. Kidron covers the Consumer Goods sector, focusing on stocks such as Hewlett Packard Enterprise, Juniper Networks, and Pure Storage Inc.
Currently, the analyst consensus on Nutanix Inc is Strong Buy and the average price target is $59.53, representing a 3.8% upside.
In a report issued on April 30, William Blair also maintained a Buy rating on the stock.
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Symantec Corp (NASDAQ: SYMC)
In a report released today, Shaul Eyal from Oppenheimer maintained a Hold rating on Symantec Corp (NASDAQ: SYMC). The company’s shares closed yesterday at $21.40, close to its 52-week low of $18.85.
Eyal wrote:
“We are raising our FY20 estimates (FY19 revenue/EPS estimates remain intact) following last night’s conference call driven by additional color on the concerns of its business shift to a ratable revenue model. SYMC reiterated its FY19 guidance (ASC606 impact to be provided during F1Q call) and provided a positive FY20 outlook (rev. growth: mid-to-high single digits; operating margins: mid-thirties; EPS growth: low double digits). Albeit, In our view, changing durations and an accelerated shift to ratable revenue could subject FY20 estimates to increased unpredictability. Furthermore, while no adverse impact to historical financial statements is expected, we continue to believe SYMC’s investigation regarding prior public disclosures elevates the company’s longer-term risk profile. Maintain Perform.”
According to TipRanks.com, Eyal is a top 100 analyst with an average return of 14.0% and a 65.4% success rate. Eyal covers the Technology sector, focusing on stocks such as Nuance Communications, Verint Systems Inc, and Varonis Systems.
Currently, the analyst consensus on Symantec Corp is Hold and the average price target is $24.78, representing a 15.8% upside.
In a report released today, Jefferies also upgraded the stock to Hold with a $22 price target.
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